Inceptio Technology completes US$188 million in financing, led by Sequoia Capital China and Legend Capital

SHANGHAI,March 1,2022 -- Inceptio Technology,an autonomous driving truck technology and operation company,announced the closing of a US $188 million Series B+ equity financing. This round of financing is jointly led by Sequoia Capital China and Legend Capital. Co-investors include Chow Tai Fook Enterprises Limited,Cedarlake Capital,supply chain solution & finance provider Wuchan Zhongda Group (600704.SH),and an international equity fund. Existing investors Meituan (03690.HK),NIO Capital,Eight Roads,Broad Vision Funds,etc. also participated.

The successful closing of the Series B+ will allow Inceptio Technology to further accelerate the development of its self-developed full-stack autonomous driving system "Xuanyuan",introduce more mass-produced autonomous driving truck models to the market,and speed up in electrification.

At the end of 2021,Inceptio Technology and China's leading OEM started mass production of L3 autonomous driving heavy-duty trucks,which are the industry's first,after three years of development. The L3 trucks have all been deployed to daily commercial operation on line-haul freight routes across China. The commercial operation has validated the cost advantage of Inceptio's L3 trucks and is rapidly scaling up.

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